The cryptocurrency entrepreneur underwent a final barrage of questions in his fraud trial, with prosecutors aiming to prove his lack of honesty regarding the disappearance of $8 billion from his customers' accounts.
underwent a final barrage of questions on Tuesday from a prosecutor aimed at showing that he’s not being honest about how much he knew about the disappearance of $8 billion from his customers’ accounts, setting the stage for final arguments in his fraud trial on Wednesday.
Bankman-Fried insisted in his testimony in Manhattan federal court that he didn’t defraud anyone before his cryptocurrency empire collapsed last November, leading to his arrest a month later and his extradition to New York to face fraud charges that could result in decades in prison if he is convicted.
Celebrities including comedian Larry David and quarterback Tom Brady were promoting his products and Bankman-Fried was living with other top executives in a $30 million apartment in the Bahamas, while they made tens of millions of dollars in political contributions and charity donations and put millions of dollars more in speculative investments.
After taking the risk to testify, Bankman-Fried insisted for days that he believed that a hedge fund he started — Alameda Research — had sufficient assets to cover the billions of dollars that were being spent. He rejected claims by prosecutors that the money was stolen from customers at FTX, a cryptocurrency exchange he started in 2019.On Tuesday, Assistant U.S.
Cryptocurrency Entrepreneur Fraud Trial Disappearance Customers' Accounts Final Arguments
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